ReneSola (NYSE:SOL) Stock Rating Lowered by ValuEngine

ValuEngine cut shares of ReneSola (NYSE:SOL) from a hold rating to a sell rating in a report issued on Wednesday morning, ValuEngine reports.

Separately, Zacks Investment Research lowered ReneSola from a buy rating to a hold rating and set a $1.75 price target on the stock. in a research report on Tuesday, November 19th.

Shares of ReneSola stock traded up $0.08 during trading hours on Wednesday, reaching $1.61. 603 shares of the company were exchanged, compared to its average volume of 50,326. ReneSola has a 1 year low of $0.86 and a 1 year high of $2.11. The stock’s fifty day moving average is $1.50 and its 200 day moving average is $1.30. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $55.33 million, a PE ratio of 152.94 and a beta of 2.16.

ReneSola (NYSE:SOL) last released its earnings results on Monday, November 25th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.01. The company had revenue of $65.96 million during the quarter. During the same period in the previous year, the business posted $0.04 EPS. Research analysts expect that ReneSola will post 0.15 earnings per share for the current year.

In other news, insider Barlow Todd purchased 21,510 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was bought at an average price of $22.74 per share, for a total transaction of $489,158.91.

A number of large investors have recently bought and sold shares of SOL. Virtu Financial LLC purchased a new position in ReneSola in the third quarter valued at $35,000. Susquehanna International Group LLP lifted its holdings in ReneSola by 21.4% during the 2nd quarter. Susquehanna International Group LLP now owns 190,398 shares of the semiconductor company’s stock worth $244,000 after buying an additional 33,544 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in ReneSola by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 764,710 shares of the semiconductor company’s stock worth $979,000 after buying an additional 11,500 shares during the last quarter. 12.41% of the stock is currently owned by hedge funds and other institutional investors.

About ReneSola

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.

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